ITI Housing Finance Limited

Features and Benefits of ITI Housing Finance Limited Home Loan

Let us have a look on some of the features and benefits of ITI Housing Finance Limited Home Loan:

• Minimum documentation - Streamlined application process requires only essential KYC and property papers.
• Longer repayment tenure - Extended repayment periods of up to 20 years for salaried individuals and 15 years for self-employed professionals.
• Faster loan approval - Simplified credit assessment and minimal paperwork ensures a quick sanctioning loan application.
• Income proof is not mandatory - Specialized schemes available for applicants with low income who may not have formal salary slips or ITR documents.
• Small ticket loans for renovation - Flexible financing (starting from Rs. 8 lakh) can be used for home extensions or improvements.
• Doorstep Service - Emphasis on personalized service with assistance at the customer's location. 

ITI Housing Finance Ltd Home Loan Schemes

ITI Housing Finance focuses on the affordable housing segment in India. They offer several home loan schemes tailored to different borrower needs. Given below are the primary schemes offered by ITI Ltd (ITI Housing Finance): 

• ITI Apna Ghar (Home Purchase Loan) 

1. Standard home loan scheme 
2. Can be used for purchasing a new or resale residential property 
3. Salaried individuals (government and private sector) and self-employed professionals or businessmen can apply for this loan 
4. Minimum loan amount is from Rs. 2 lakhs to Rs. 3 lakhs 
5. Maximum loan amount is from  Rs. 35 lakhs to Rs. 50 lakhs 
6. Loan offers LTV of up to 80% to 90% of the property's market value 
7. Loan is offered for a minimum loan tenure of 1 to 3 years and maximum tenure of 20 to 25 years 
8. Adding a co-applicant helps increase the total eligible loan amount 

• ITI Suvidha (Home Extension/Improvement Loan) 

1. Designed for existing homeowners wanting to upgrade their current living space via adding more space or by renovations 
2. Salaried individuals, self-employed professionals, non- professionals who are at least 21 years old at the time of application can apply 
3. Loan offers a minimum amount of Rs. 2 lakhs and a maximum loan amount of    Rs. 50 lakhs 
4. Loan is offered for a minimum loan tenure of 1 to 3 years and maximum tenure of up to 20 years depending on the age of applicant at the time of maturity 
5. An LTV ratio of 80% to 90% of the estimated cost is offered    3. ITI Ghar Nirman (Home Construction Loan) 

• Customised for individuals owning a plot of land  

1. It funds the construction costs and disburses the amount in stages as per the progress of construction 
2. Borrowers can choose to pay only the interest component during the construction phase (moratorium period of up to 18 months)  
3. Loan is offered for a minimum loan tenure of 1 year or a maximum loan tenure of up to 30 years 
4. Minimum loan amount offered is Rs. 2 lakhs and maximum loan amount is Rs. 75 lakhs. 
5. Loan is offered at competitive interest rates starting around 9.50% p.a. with an LTV ratio of 90% for loans up to Rs. 30 lakhs and 80% for loans up to Rs. 30- 75 lakhs   

•  ITI Plot Purchase Loan 

1. This scheme is for customers wanting to purchase a residential plot of land for future house construction. 
2. A pre-requisite of this scheme is that the construction must begin within a specific timeframe (usually 2-3 years) after the plot purchase. 
3. Minimum loan amount offered is Rs. 2 lakhs and maximum loan amount is Rs. 50 lakhs. 
4. Loan is offered for a minimum loan tenure of 1 year or a maximum loan tenure of up to 15 years 
5. LTV ratio of 90% for loans up to Rs. 30 lakhs, 80% for loans up to Rs. 30- 50 lakhs 
6. Both salaried and self-employed individuals who are 21 years old at the time of application and 75 years at the time of maturity can apply for the loan    

• Loan Against Property/Home Equity 

1. ITI Housing Finance Limited provides Loan Against Property (LAP)  
2. This scheme allows you to unlock the economic value of your existing property  
3. Minimum loan amount offered is Rs. 5 lakhs and maximum loan amount is Rs. 50 lakhs. 
4. Loan is offered for a minimum loan tenure of 3 years and maximum tenure of up to 15 years depending on the age of applicant at the time of maturity 
5. An LTV Ratio (Loan-to-Value) of up to 60% to 70% of the market value of the property is offered under this scheme 
6. Salaried individuals, self-employed professionals, self-employed non-professionals can apply for this loan   

• ITI Sahyog (Balance Transfer & Top-up) 

1. Loan is for borrowers who have an existing home loan with another bank or NBFC and wish to transfer it to ITI Housing Finance for better service or different terms. 
2. An additional loan amount may also be provided over and above the existing home loan for personal or business requirements under this scheme.

Fasttrack Housing Finance Limited EMI Calculator

You can use the BankBazaar Home Loan Calculator to calculate your EMIs (equated monthly instalments) on this home loan. You only need to enter your loan amount, tenure, processing fee, and the interest rate. You will get your estimated EMI along with a detailed amortisation table with a monthly and yearly break-up of your principal and interest amounts paid on the loan.

If you wish to make prepayments on the loan, you can calculate the same by entering the requested details. This will tell you how much interest you will save on the loan and by how much your tenure could be shortened when you make such payments on the loan.

Documents Required to Apply for ITI Housing Finance Limited Home Loans 

There are certain documents that need to be submitted to complete the application process for home loans: 

1. Duly filled application form with photographs and signature of the applicant/co-applicant, and guarantor. 
2. Identity proof documents. 
3. Address proof documents. 
4. Income proof documents. 
5. Property-related documents. 

For the complete list of documents to be submitted, please check the Application Form. 

Document Check List: Home Loan Document Required

How to Apply for ITI Housing Finance Limited Home Loans

You can apply for ITI Housing Finance Limited online through their website or visit their branch.  

1. Online Application: Visit the ITI Housing Finance website and fill out the online form to get an instant callback or request a loan expert to visit you. 
2. Branch Visit: Walk into any ITI Housing Finance branch to submit your application and self-attested KYC documents. 
3. Phone Application: Call their helplines, available Monday to Saturday from 10 AM to 6:30 PM (South Region: 080-654 17 555; Rest of India: 022 694 31 200).   

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score